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Long-term Performance Analysis after Merge & Acquisition: Evidence in Taiwan's Market
|關鍵字:||併購;長期績效;Merge;Acquisition;Long term performance;Fundamental performance||引用:||1. Chinese References Chiung-Yao Huang, (2012). The Relationship between Corporate Governance and Performance of Mergers and Acquisitions. Chang Gung University Thesis. Hong-Da Hong, (2003). The Influence of Merge and Acquisition to the Operating Performance of Mergers – Evidence in Taiwan Market. National Sun Yat-sen University Thesis. Kuo-Hsing Wu, (2009). Corporate Performance After Mergers: The Influence of Growth Opportunities and Corporate Governance. National University of Kaohsiung Thesis. Li-Fang Chen, (2007). The Announcement Effect, Earnings Management and Post-Merger Performances of Merger and Acquisition. National Chung Cheng University. Yu-Ju Ni, (2007).The Study of The Relationship between Merger & Acquisition and Operating Performance – EVA and FCF Perspective. Chung Yuan Christian University Thesis. 2. English References Anup, Jeffrey, and Gershon (1992). The Post-Meger Performance of Acquiring Firms: A Re-examination of an Anomaly. The Journal of Finance, Vol. XLVII, No. 4. Demsetz (1973). The Market Concentration Doctrine. AEI Hoover Policy Studies. Hoshino (1982). The Performance of Corporate Mergers in Japan. Journal of Business Strategy Review, 11, (pp10~20). Jensen and Meckling, (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, Journal of Financial Economics, 3, (pp305~360). Lewellen (1971). A Pure Financial Rationale for Conglomerate Merger, Journal of Finance, 26, 2, (pp521~542). Muller (1985). Merger and Market Share, The Review of Economics and Statistics, 67, 2, (pp259~267) Pavel and Qi (2009). Do Stock Mergers Create Value for Acquires? The Journal of Finance, Vol. LXIV, No.3. Richard (1986). The Hubris Hypothesis of Corporate Takeovers. Journal of Business, 59, 2, (pp197~216). Shepherd (1970). The Economics of Industrial Organization, Englewood Cliffs, N. J., Prentice – Hall Inc.||摘要:||
Do merge and acquisition create value for mergers and shareholders? This is still a puzzle for entrepreneurs and managers now. From many literatures, there are different views in this question. Some researchers support that it is good for the growth of a company, but still some argue that managers do M&A for their own benefit. Synergies is the most important issue that managers and shareholders concern. Besides, there are many empirical researches that check whether the performance of mergers improved. In Taiwan, there are a trend that performance of mergers declines in the following years after M&A.
In this paper, I want to check whether the performance of mergers in Taiwan improved after M&A. First, I check whether the excess return of overall mergers in the following years exists. Second, I check whether the fundamental performance of mergers improved in the following years after M&A. Third, I separate mergers and targets into different groups by their sales and profit margin to determine whether they are big and strong. Then, I set performance score from literature review and check which group has the highest performance score. Finally, I check whether the highest performance score outperform the Taiwan market.
|Appears in Collections:||財務金融學系所|
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